Does environmental investment pay off?-portfolio analyses of the E in ESG during political conflicts and public health crises

被引：2

作者：

Shen, Jiancheng ^{[1
]}

Chen, Chen ^{[2
]}

Liu, Zheng ^{[1
]}

机构：

[1] Soochow Univ, Suzhou 215006, Jiangsu, Peoples R China

[2] Old Dominion Univ, Norfolk, VA 23529 USA

来源：

JOURNAL OF FINANCIAL RESEARCH | 2023年

关键词：

CORPORATE SOCIAL-RESPONSIBILITY; UNCERTAINTY; PERFORMANCE; SENTIMENT; PREMIUM; RISK;

D O I：

10.1111/jfir.12357

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper examines the contribution of environmental investment on firm value during the Russia-Ukraine War and Global Public Health Crisis. Using media-based environmental scores, we investigate the performance of the emission-reduction-based and green-innovation-based portfolios. The results indicate that while engaging in environmental activities decreases firm value during the noncrisis time, it creates value when companies face market-wide crises. Our findings suggest that environmental investment serves as a risk-hedging vehicle for political and health crises. In addition, compared to corporate ESG disclosures, firm-level media-based environmental scores mitigate the endogeneity between a company's ESG disclosure policies and its firm characteristics.

引用

页码：S107 / S131

页数：25